CME: Class III Futures Edge Higher

US - Cheese users remain eager to stock up but sellers have plenty to offer, writes Alan Levitt.
calendar icon 9 January 2012
clock icon 1 minute read

Around 14 loads of blocks traded Friday, all at $1.61, leaving the price unchanged from Thursday and up 4.75¢ for the week.

Barrels were bid a half-cent higher. Class III futures completed the first week of the year with new highs in FEB through SEP. The 2012 average is $17.45 (see chart), up 21¢ from last week.

Whey futures also rallied, with JAN-MAY contracts hitting new highs. Those five months average 68.75¢, up 1.5¢ from a week ago. FEB settled at 71.5¢; the record high NASS whey price is 77.89¢ in April 2007.

There were no bids or offers on butter on Friday, and the price finished a penny higher than the Friday before.

Butter futures were slightly higher for the week – the 2012 average is $1.7781, up 1.7¢.

“Churning activity over the past week has eased from the active churning during the year-end holiday period,” says USDA’s Dairy Market News. “Many butter producers indicated that their holiday churning schedules were at or very near capacity levels.”

NASS dairy product prices for the week ending 31 December: cheddar blocks $1.6380 (-5.97¢ vs. the prior week); barrels $1.6094 (-2.53¢); butter $1.5873 (-0.28¢); nonfat dry milk $1.4006 (+2.40¢); dry whey 67.10¢ (+1.08¢)

Further Reading

- You can view the full report by clicking here.


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